Flood Deductible Applies To $5M Delay In Completion Losses, N.Y. Panel Affirms
Mealey's (July 15, 2015, 1:22 PM EDT) -- NEW YORK — A New York appeals panel on July 7 affirmed a lower court’s ruling that a builders risk insurance policy limits the amount an insurer must pay for an insured's delay in completion losses to $5 million and that the policy's flood deductible applies to the payment (El-Ad 250 West LLC v. Zurich American Insurance Co., No. 15637, 652964/13, N.Y. App., 1st Dept.; 2015 N.Y. App. Div. LEXIS 5753).
(Opinion available. Document #51-150813-001Z.)
In October 2012, El-Ad 250 West LLC was in the middle...